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China Southern Airlines receives USD1.6 billion in second round of state capital injection

5-May-2010 11:56 AM

China Southern Airlines shareholders have approved a second round of State capital injections of up to CNY10.75 billion (USD1.6 billion), which will be used to repay bank loans, reducing the carrier’s debt ratio from 86% to 75% (AvBuyer, 01-May-2010). The second round of State funding is similar to that of the first round, through the non-public offering of 2.1 billion China Southern A and H shares. China Southern Chairman, Si Xianmin, stated following the second state capital injection, the carrier will develop Beijing as its second hub after Guangzhou and expand its international route network.